It is inevitable to encounter retail returns in doing business. However, as much as it is crucial to cater to such customers’ concerns, it can definitely cause negative impacts on profits.
But this adverse situation can be seen positively with these five pieces of retail advice from Retail Smart Guys.
#1 Determine retail return data
Having information on why your customers return a product can be used to determine what aspects of your business need to change or improve. From that, such data can be echoed to your suppliers, manufacturers, or logistics partners, so you can have a collaborative approach to lessen returns in the future and foster better customer service.
#2 Advocate for environmental consciousness
A recent National Retail Federation (NRF) study identified retail returns as a significant contributor to carbon footprints. Hence, this information can be used to appeal to environmentally conscious consumers to be more certain in buying as their purchases can impact the environment, leading to reducing the chance of returning products.
#3 Implement a donation program
Instead of giving refunds, encourage your customers to donate their returned items to people in need. This marketing strategy allows you to reduce the negative impact on your sales and gives your business a socially responsible image preferable to your customers.
#4 Reselling returned products
Product returns can still be beneficial by reselling items at lower prices. This could increase retailers’ sales and appeal to existing and new customers to shop at your retail store.
#5 Establishing strict return policies
A strict return policy could lessen the chances of frivolous returns. This can be done by having a shorter period of product replacement, asking for receipts as proof of purchase, or implementing a restocking fee to offset costs associated with the return process.
The following pieces of advice are just a few of what Retail Smart Guys can offer when you avail of our retail consulting services. By partnering with us, we will help you overcome and prevent such negative situations with our broad industry knowledge and experience.
Also, we just don’t handle retail return concerns, but a bunch more other issues you have in business.
At Retail Smart Guys, we have solutions to your retail problems.
Contact us now so we can get into detail.